Aam Aadmi Party not a factor for global audience: Uday Kotak

The billionaire said, the world was more concerned about governance issues of the country and "how do we move from a country where execution is a huge challenge to making execution the core of who we are."

NDTV | Last Updated: January 23, 2014 17:39 (IST)

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Davos:

Aam Aadmi Party (AAP) continues to be a hot topic among the Indian business leaders at the World Economic Forum in Davos. (See pics) Kotak Mahindra Bank executive vice-chairman and prominent India Inc leader Uday Kotak said AAP is yet to influence global investors' views on India though the one-year party has shaken up the Indian politics.

"I don't think the Aam Aadmi Party to the global audience is something which is really a factor. It's much more in the Indian DNA because it's a pretty dramatic change," Mr Kotak said.

The billionaire said the world is more concerned about governance issues of the country and "how do we move from a country where execution is a huge challenge to making execution the core of who we are."

However, Arvind Kejriwal's political moves in Delhi are being discussed in faraway Davos, where many members of India Inc have converged for the World Economic Forum.

This comes in the wake of AAP led by Delhi Chief Minister Arvind Kejriwal laying siege to Delhi, sitting in protest and running the government from the streets for two days. Arvind Kejriwal wants control of the Delhi Police, which reports to the Centre, transferred to his government.

Calling AAP's emergence "a phenomenon" and its debut "spectacular", Infosys co-chairman Kris Gopalakrishnan said, "We will have to watch how AAP will mature." Mr Gopalakrishnan is also the president of the CII (Confederation of Indian Industry).

AAP is now also being seen as a serious contender for a significant chunk of seats in the general elections due by May and corporate India wants to know what its economic policies are.

Mr Kejriwal, the new chief minister of Delhi, had sent alarm bells ringing recently when he said he will not allow foreign chains like Walmart and Tesco to set up multi-brand retail stores in Delhi, reversing the earlier Congress government's stand on the issue.

Manish Kejriwal, managing partner of Kedaara Capital, said foreign investors are in a wait-and-watch mode on India before the general elections. "The state election results confused foreign investors...AAP still needs to do a lot before global investors become comfortable," he said.

On the AAP government's move to offer subsidised power tariffs and free water for low usage residential customers, Manish Kejriwal warned that it was important to be inclusive, but not be populist.

Chandrajit Banerjee, who is the director general of industry trade body CII, said, "We have to see how we can engage with AAP, in terms of understanding their perspective."